Question

production is important for a economy , justify the statement​

Answer 1

Answer:

Understanding the Factors of Production

The factors of production are what's needed for a company to earn an economic profit. The four factors of production are

Land

The land is any natural resource that's needed or used in the production of a good or service. Land can also include any resource that comes from the land such as oil, gas, and other commodities such as copper and silver. Typically, land includes any natural resource that's used as raw materials in the production process.

Labor

Labor consists of the people that are responsible for the production of a good, including factory workers, managers, salespeople, and the engineers that designed the machinery used in production.

Capital

Capital refers to capital goods such as manufacturing plants, machinery, tools, or any equipment used in the production process. Capital might refer to a fleet of trucks or forklifts as well as heavy machinery.

Entrepreneurship

Entrepreneurship is the fourth factor and includes the visionaries and innovators behind the entire production process. The entrepreneurs combine all the other factors of production to conceptualize, create, and produce the product or service.

Answer 2

Answer:

Production is important for a economy , justify the statement​.

Explanation:

• Production is very important for countries growth and to increase its GDP rate.
• Increase or decrease in the production directly affects its countries GDP rate.
• Also levels of production affect the stock market. As production and profits increase, rate of GDP also increase. In economics, factors of production are the resources people use to produce goods and services, they are the building blocks of the economy.
• Production in economics can also be defined as the creation of utility or the creation of wants to satisfy goods and service. Production in economics is very important factor.
• As we know the main factors for economy are land, labor, capital and entrepreneurship. And labor is directly related to production.

Hence, production is important factor for the economy.